St. Louis Real Estate-Market Watch August 29th, 2009

Saint Louis Real Estate-Market Watch by Art Wagner @ Keller Williams Realty Southwest, Sunset Hills, Mo.
August 29th, 2009
The Anatomy of St. Louis Real Estate

The St. Louis Home for Sale Team provides a weekly St. Louis County and Bi-weekly St. Charles County Market and Jefferson County Market Watch Report to review and plug into your home buying or selling scenario. Your questions and comments are welcome!

The past several weeks we have been touting the benefits to First Time Homebuyers and why they should get out there and buy now. Whether you are a first time homebuyer, a repeat buyer, a second home buyer or a seller in this market, there are incentives for you too.

If you are buying; Obviously, the $8000.00 First Time Homebuyer Tax Credit is there, at least until November 30th. But, if you are a repeat buyer, second home buyer, or relocation buyer, there are other incentives and tax advantages to you, such as:

1. Decuctions for Private Mortgage Insurance ( PMI) premiums, 2. Points paid in connection with obtaining a loan, depending on the amount of the down payment. 3. Mortgage interest. 4. Relocation expenses; moving expenses for you and your family. ( Certain qualifying criteria must be met).

If you are selling a home, you won’t have to pay taxes on the profit up to $250,000 for single filers and $500,000 for joint filers.

If you are staying in your current home, there are some new incentives for you to improve your home this year. The Recovery Act gives homeowners an incentive to make improvements and energy efficient upgrades with tax credits of up to 30% for improvements like doors, windows, HVAC, water heaters, roofing and insulation. Solar and wind energy systems are also included.

Taxpayers whose home was foreclosed on between 2007 and 2012 may be able to exclude the mortgage debt that was forgiven in connection with the foreclosure.

We’re not tax experts, so you will need to check with your accountant to determine exactly what fits into your personal situation, but these are certainly some great incentives if you are in the real estate market in any way.

WHO DO YOU KNOW NOW that is challenged with their mortgage payments OR needs to sell for less than their home is worth?? WE CAN HELP!!

WHO DO YOU KNOW that’s thinking of buying or selling a home?

Contact Doug Aegerter or Art Wagner for more information and a FREE Comparative Market Analysis (CMA) of your home or your neighborhood.

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